Want to mine Dogecoin? If you nodded yes, you’re at the right place.
Indeed, investing through cryptocurrency exchange to make profits is a usual way everyone does. But, there’s one more way people earn cryptocurrency as a reward, and that’s crypto mining.
Many people have minted handsome profits through mining. It’s been around since people started to mine Bitcoin.
If you wonder, “how to buy Dogecoin in India?” This can be a good chance.
Among many digital currencies that can be mined, Dogecoin is the least popular one.
Let’s find out how can you mine Dogecoin in India!
Mining Dogecoin: What’s Required?
When you are part of a network, your machine makes calculations using significant electricity consumption. The first node that completes the calculation is rewarded with Dogecoin.
There are generally 2 ways to mine Dogecoin –
In Solo Mining, you work alone on the network providing hashing power yourself while solving the calculation. Once you succeed in mining the block, you are the sole benefactor for the reward.
Another way of mining is mining in the pool.
If you join a Dogecoin pool, you will be required to combine your mining machine’s processing power with the other members in the pool.
As part of the mining pool, your chances of getting a reward are much higher.
Here, you will need to pay fees to be part of the Dogecoin mining pool. And when a block is successfully mined, you will need to share the reward with the other pool members.
What You Need Before Getting Started?
You’ll need to take care of a few basics before getting started with Dogecoin mining. They are –
- A computer with any of Windows, OS X or Linux operating systems.
- A powerful internet connection
- A Dogecoin wallet
In order to mine Dogecoin, you will require a full wallet called Dogecoin Core.
After you have all that in place, you’ll need some hardware and software to be able to do so.
To start with, basic machines are good to experiment with. However, scaling requires some serious hardware.
CPU: The CPU in your computer system might be capable of mining Dogecoin. Previously, mining could be done using the usual CPUs, but no longer now. Today, mining requires a lot of power and can cause overheat to usual computers damaging them at last. Thusly, it’s not recommended.
GPU: The other way of mining is GPU. They are used to improve computer graphics but are considered to be powerful enough to withstand mining power. The recommended type of GPUs includes ASUS RX Vega 64, Nvidia GeForce GTX and SAPPHIRE Pulse Radeon RX 580.
What hardware choice did you make, CPU or GPU?
Well, the choice you make for mining software will depend on the type of hardware you chose.
Whatever choice you make, you’ll still need some software to go with. You need to go for the type of software that works best with the hardware you’re going to use.
CPU: In case you simply want to give mining a quick try, then using your usual CPU will do fine. The recommended software here is cpuminer.
GPU: If you’re serious about mining Dogecoin, you should go for GPU hardware which comes with more software options.
Is Dogecoin Mining Profitable Choice?
The answer is not really!
Though Dogecoin worth millions, yet it isn’t about profits. Currently, the Dogecoin is priced at $0.05560. And, if you compare your mining reward with the initial investment and the electricity consumption you will have to provide for mining, then you’ll find yourself empty-handed at last.
Still, you can always buy some Dogecoin. You can visit any popular Bitcoin exchange that offers Dogecoin facility too.